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The Chabad custom (based on the Siddur of the Alter Rebbe, Sefer Haminhagim Chabad and the actual practise of the Lubavitcher Rebbe; collected in Otzar Minhagei Chabad pg 288) is as follows: each of the six directions comprises of six movements i.e. pushing the four species away and pulling them back towards you three times. Each "pushing" motion starts from the heart, and the "pulling" motion brings back the four species to actually touch the chest in the place we hit when we say viduy. The person waving remains standing in one spot facing west and does not turn to the direction he is waving; only his hands and the upper part of his body turns. The lulav remains upright throughout at chest level, besides for the upward and downward waving where the four species remain upright but are elevated to face level or brought downwards. A pictorial guide of this is available here.

Vezu, welcome to Mi Yodeya, and thanks very much for bringing this source! Please consider editing in a quick summary of what R' Finkelstein says with respect to this question so that people can have an idea of where this answer is going without watching the video.
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Isaac MosesOct 4 '12 at 13:59